reports
- Bruno Cavalier
- Julian Dobrovolschi
- Louis Boujard
- CFA
- Philippe Ourpatian
Engie : Results above expectations benefiting from a timing effect
>Results above our forecast with strong contribution in Flex Gen and GEMS - Engie released this morning Q1 2024 results that beat expectations. EBITDA came in at € 5.4bn, (-0.7% organic) above our expectation (at € 5,085m). EBIT was down -1.6% organic to € 4,166m vs € 3,835m expected. By division, the renewable segment reported € 712m (+4.3% y-o-y in organic terms, vs ODDO BHF at € 800m), benefiting from very good hydro conditions in France and Portugal and commissio...
- Louis Boujard
- CFA
- Philippe Ourpatian
Engie : Results above expectations benefiting from a timing effect
>Results above our forecast with strong contribution in Flex Gen and GEMS - Engie released this morning Q1 2024 results that beat expectations. EBITDA came in at € 5.4bn, (-0.7% organic) above our expectation (at € 5,085m). EBIT was down -1.6% organic to € 4,166m vs € 3,835m expected. By division, the renewable segment reported € 712m (+4.3% y-o-y in organic terms, vs ODDO BHF at € 800m), benefiting from very good hydro conditions in France and Portugal and commissio...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- ING Helpdesk
Benelux Morning Notes
AEGON: 1Q24, new unexpected SBB, underlying OCG better, strong ratios across. Belgian telecoms: Digi to start with mobile. CFE: Preview - forecasting revenue numbers… D'Ieteren: Belron US peer Boyd 1Q24 below consensus, warns on 2Q24 growth. Econocom: Joins consortium formed by Onepoint and Butler Industries to acquire Atos. KBC: 1Q24 better across, special dividend, capital distribution pushed back to 1H25. Syensqo: 1Q24 a touch better, positive earnings momentum confirmed. Umicore:...
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : Solid results bode well going forward
>Q1 2024 results beat expectations - RWE's Q1 2024 results, reported yesterday, beat expectations. EBITDA came in at € 1.709bn, (-26%) vs € 1.57bn expected (€ 1.569bn css). Adjusted EBIT fell by 34% to € 1.22bn vs € 1.07bn expected (ODDO BHF) / € 1.048bn (css). Adjusted net income came in at € 801m (vs € 1.315bn y-o-y) up relative to our expectations at € 654m and € 646m (css). All the divisions were in line with expectations, except for trading which posted € 251m (...
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : Des résultats solides de bon augure pour la suite
>Résultats T1 2024 supérieurs aux attentes - RWE a publié hier ses résultats T1 2024 supérieurs aux attentes. L'EBITDA est ressorti à 1 709 M€, (-26%) contre 1 570 M€ attendus (1 569 M€ Css). L'EBIT ajusté est en baisse de 34% à 1 220 M€ vs 1 070 M€ attendus (ODDO BHF) / 1 048 € (Css). Le résultat net ajusté est ressorti à 801 M€ (vs 1 315 M€ y-o-y) en hausse par rapport à nos attentes à 654 M€ et 646 M€ (Css). Toutes les divisions ont été conformes aux prévisions, à...
Publicis Groupe : Le Comité de Nomination émet ses recommandations dan...
PARIS--(BUSINESS WIRE)-- Regulatory News: Dans le cadre de l'évolution de la gouvernance de la Société, proposée par le Conseil de Surveillance, le Comité de Nomination de Publicis Groupe (Paris:PUB) [Euronext Paris FR0000130577, CAC 40] s'est réuni, ce jour, sous la présidence de Madame Elisabeth Badinter, afin de recommander les nominations suivantes : André Kudelski en tant qu'Administrateur Référent. A ce titre, il aura pour principales missions de s’assurer du bon fonctionnement des organes de gouvernance de la Société aux côtés du Président du Conseil d'Administration, de présider d...
- Fehmi Ben Naamane
NH Hoteles : Un T1 en ligne, Sous-performance maintenue, OC relevé à 4...
>Des chiffres T1 globalement en ligne avec les attentes - NH Hotels a publié des résultats T1 solides. Les revenus groupe ressortent à 460 M€, en croissance de 13% yoy, et 5% au-dessus des attentes (consensus société à 440 M€ et notre estimation à 435 M€). Les RevPAR groupe, eux, progressent de 11% yoy en L/L (soit un chiffre globalement en ligne avec les attentes), le léger décalage avec le niveau de la croissance topline vient de la contribution des nouvelles ouvert...
- Fehmi Ben Naamane
NH Hoteles : Q1 2024 results in line, Underperform rating maintained, ...
>Q1 figures broadly in line with expectations - NH Hotels reported robust Q1 results. Group revenues grew 13% y-o-y to € 460m, 5% ahead of expectations (company-compiled consensus at € 440m and ODDO BHF estimate at € 435m). Group RevPAR increased 11% y-o-y on a like-for-like basis (broadly in line with expectations), with the slight gap with top-line growth stemming from the contribution from new openings, which added 2.4% to revenue growth. Average prices increased r...
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 05/15/2024 Date Performance sin...
With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...
ETL EUTELSAT COMMUNICATIONS SA
PBB DEUTSCHE PFANDBRIEFBANK AG
TNG TRANSGENE SA
F3C SFC ENERGY AG
FGA FIGEAC AERO SA
PSM PROSIEBENSAT.1 MEDIA SE
TPE PVA TEPLA AG
TRI TRIGANO SA
MBB MBB INDUSTRIES SE
DEQ DEUTSCHE EUROSHOP AG
PAT PATRIZIA AG
WLN WORLDLINE SA
DKG DEUTSCHE KONSUM REIT-AG
NHH NH HOTEL GROUP SA
CGG CGG
BSGR B&S GROUP S.A.
MEDCL MEDINCELL SA
NEXI NEXI S.P.A.
INPST INPOST S.A.
NA9 NAGARRO
HGEA HGEARS AG
TUI TUI AG
SCHOTT PHARMA AG
R3NK RENK GROUP AG
ORP ORPEA
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2024
With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 15/05/2024 Date Performance dep...
Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...
ETL EUTELSAT COMMUNICATIONS SA
PBB DEUTSCHE PFANDBRIEFBANK AG
TNG TRANSGENE SA
F3C SFC ENERGY AG
FGA FIGEAC AERO SA
PSM PROSIEBENSAT.1 MEDIA SE
TPE PVA TEPLA AG
TRI TRIGANO SA
MBB MBB INDUSTRIES SE
DEQ DEUTSCHE EUROSHOP AG
PAT PATRIZIA AG
WLN WORLDLINE SA
DKG DEUTSCHE KONSUM REIT-AG
NHH NH HOTEL GROUP SA
CGG CGG
BSGR B&S GROUP S.A.
MEDCL MEDINCELL SA
NEXI NEXI S.P.A.
INPST INPOST S.A.
NA9 NAGARRO
HGEA HGEARS AG
TUI TUI AG
SCHOTT PHARMA AG
R3NK RENK GROUP AG
ORP ORPEA
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2024
Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : Results above forecast but no change in the guidance at this poi...
>Good set of results above forecast due to trading business - RWE released its Q1 2024 results this morning, which came in above expectations. EBITDA came in at €1,709, (-26%) vs €1,570 m anticipated (€ 1,569m Css). Adjusted EBIT was down 34% to € 1,220m vs € 1,070m expected (ODDO BHF) / € 1,048m (Css). Adjusted net income was € 801m (vs € 1,315m y-o-y) above our forecast at € 654m and € 646m (Css). By division, EBITDA at the offshore wind business was up 16% y-o-y to...
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : Results above forecast but no change in the guidance at this poi...
>Good set of results above forecast due to trading business - RWE released its Q1 2024 results this morning, which came in above expectations. EBITDA came in at €1,709, (-26%) vs €1,570 m anticipated (€ 1,569m Css). Adjusted EBIT was down 34% to € 1,220m vs € 1,070m expected (ODDO BHF) / € 1,048m (Css). Adjusted net income was € 801m (vs € 1,315m y-o-y) above our forecast at € 654m and € 646m (Css). By division, EBITDA at the offshore wind business was up 16% y-o-y to...
Verbund AG: 4 directors
Four Directors at Verbund AG bought 5,399 shares at 71.794EUR. The significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
Nannette LaFond-Dufour rejoint Publicis Groupe en tant que Chief Impac...
PARIS--(BUSINESS WIRE)-- Regulatory News: Publicis Groupe (Paris:PUB) [Euronext Paris FR0000130577, CAC 40] annonce la nomination de Nannette LaFond-Dufour en tant que Chief Impact Officer. Dans ce rôle global nouvellement créé, Nannette LaFond-Dufour aura la responsabilité de tous les engagements ESG du Groupe : des objectifs climatiques ambitieux de Publicis approuvés par le SBTi, à son plan d’actions concret en termes de diversité, d’égalité et d’inclusion, en passant par ses initiatives emblématiques telles que Working with Cancer et le Women’s Forum for the Economy & Society. Derniè...
Nannette LaFond-Dufour rejoint Publicis Groupe en tant que Chief Impac...
Nannette LaFond-Dufour rejoint Publicis Groupe en tant que Chief Impact Officer Nannette LaFond-Dufour rejoint Publicis Groupe en tant que Chief Impact Officer Paris, le 14 mai 2024 - Paris – Publicis Groupe [Euronext Paris FR0000130577, CAC 40] annonce la nomination de Nannette LaFond-Dufour en tant que Chief Impact Officer. Dans ce rôle global nouvellement créé, Nannette LaFond-Dufour aura la responsabilité de tous les engagements ESG du Groupe : des objectifs climatiques ambitieux de Publicis approuvés par le SBTi, à son plan d’actions concret en termes de dive...
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